AllianceBernstein Holding L.P. (AB) Upgraded at Zacks Investment Research
AllianceBernstein Holding L.P. (NYSE:AB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday. The brokerage presently has a $27.00 price target on the asset manager’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 13.21% from the stock’s previous close.
According to Zacks, “ALLIANCE CAP MANAGEMENT L.P. provides diversified investment management services, primarily to pension funds, endowments, foreign financial institutions, and to individual investors. “
Other equities research analysts also recently issued reports about the company. Credit Suisse Group reiterated a “neutral” rating on shares of AllianceBernstein Holding L.P. in a report on Friday, August 11th. BidaskClub upgraded AllianceBernstein Holding L.P. from a “buy” rating to a “strong-buy” rating in a report on Sunday, July 16th. Sidoti assumed coverage on AllianceBernstein Holding L.P. in a report on Monday, June 5th. They issued a “buy” rating and a $28.00 price target on the stock. Finally, ValuEngine downgraded AllianceBernstein Holding L.P. from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Three equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $26.50.
AllianceBernstein Holding L.P. (NYSE:AB) traded down 0.62% during midday trading on Thursday, hitting $23.85. The company had a trading volume of 175,094 shares. The stock has a 50 day moving average price of $23.89 and a 200 day moving average price of $23.02. The company has a market capitalization of $2.23 billion, a P/E ratio of 10.96 and a beta of 1.52. AllianceBernstein Holding L.P. has a 52 week low of $20.40 and a 52 week high of $26.15.
AllianceBernstein Holding L.P. (NYSE:AB) last issued its quarterly earnings results on Thursday, July 27th. The asset manager reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.02. AllianceBernstein Holding L.P. had a return on equity of 13.28% and a net margin of 6.74%. The firm had revenue of $802.31 million for the quarter, compared to the consensus estimate of $771.88 million. During the same period in the prior year, the business posted $0.39 earnings per share. The company’s revenue for the quarter was up 10.5% on a year-over-year basis. Equities analysts forecast that AllianceBernstein Holding L.P. will post $2.07 earnings per share for the current fiscal year.
In other AllianceBernstein Holding L.P. news, COO James A. Gingrich sold 21,000 shares of the stock in a transaction on Monday, June 19th. The stock was sold at an average price of $23.13, for a total transaction of $485,730.00. Following the sale, the chief operating officer now owns 356,581 shares of the company’s stock, valued at approximately $8,247,718.53. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO John C. Weisenseel sold 8,000 shares of the stock in a transaction on Monday, August 14th. The shares were sold at an average price of $23.99, for a total value of $191,920.00. Following the sale, the chief financial officer now directly owns 64,869 shares in the company, valued at approximately $1,556,207.31. The disclosure for this sale can be found here. In the last three months, insiders sold 598,205 shares of company stock worth $14,284,786. 2.70% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. boosted its position in AllianceBernstein Holding L.P. by 12.6% during the 1st quarter. JPMorgan Chase & Co. now owns 44,807 shares of the asset manager’s stock valued at $1,023,000 after acquiring an additional 5,025 shares in the last quarter. HighTower Advisors LLC bought a new stake in AllianceBernstein Holding L.P. during the 1st quarter valued at $1,136,000. American Century Companies Inc. boosted its position in AllianceBernstein Holding L.P. by 6.0% during the 2nd quarter. American Century Companies Inc. now owns 2,518,953 shares of the asset manager’s stock valued at $59,573,000 after acquiring an additional 141,736 shares in the last quarter. M&T Bank Corp boosted its position in AllianceBernstein Holding L.P. by 51.8% during the 1st quarter. M&T Bank Corp now owns 27,729 shares of the asset manager’s stock valued at $634,000 after acquiring an additional 9,461 shares in the last quarter. Finally, Stifel Financial Corp boosted its position in AllianceBernstein Holding L.P. by 1.2% during the 1st quarter. Stifel Financial Corp now owns 237,007 shares of the asset manager’s stock valued at $5,418,000 after acquiring an additional 2,756 shares in the last quarter. 19.41% of the stock is currently owned by institutional investors and hedge funds.
AllianceBernstein Holding L.P. Company Profile
AllianceBernstein Holding L.P. is engaged in providing research, investment management and related services to a range of clients through its three buy-side distribution channels: Institutions, Retail and Private Wealth Management, and its sell-side business, Bernstein Research Services. The Company offers a range of investment services, including equity strategies, with global and regional portfolios across capitalization ranges and investment strategies, including value, growth and equities; traditional and unconstrained fixed income strategies, including taxable and tax-exempt strategies; passive management, including index and enhanced index strategies; alternative investments, including hedge funds, fund of funds and private equity, and multi-asset solutions and services, including dynamic asset allocation, customized target-date funds and target-risk funds.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for AllianceBernstein Holding L.P. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AllianceBernstein Holding L.P. and related companies with MarketBeat.com's FREE daily email newsletter.